According to the latest report by IMARC Group, titled “Vietnam LED Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Vietnam LED lighting market size reached US$ 248.7 Million in 2018. A light emitting diode (LED) is a semiconductor device which produces non-coherent, narrow-spectrum light when an electric current is passed through it. In comparison with conventional lighting technologies like incandescent and fluorescent lights, LED lights have a longer lifespan, produce less heat and consume relatively less energy. Apart from this, they are environment-friendly in nature as they save almost 90% of the overall energy consumption. They are currently available in different colors and shapes, whereas some models are also equipped with dimmable controls.
As LED lights aid in reducing excess energy consumption and carbon footprints, they are rapidly replacing incandescent lights in the streets of Vietnam. Moreover, the Vietnamese Government is encouraging the adoption of LED lights to combat high electricity consumption in the country by introducing programs like Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP). Apart from this, the high rate of urbanization and increasing influx of Foreign Direct Investments (FDI) is boosting the real estate sector in the country which, in turn, is strengthening the growth of the Vietnam LED lighting market. Further, as the share of modern retail spaces in the country is less as compared to other developing countries, the Ministry of Industry and Trade in Vietnam has decided to accommodate more supermarkets, shopping malls and commercial centers. This, coupled with the burgeoning tourism sector, is catalyzing the demand for LED lights in the commercial sector. Looking forward, the Vietnam LED market is projected to reach a value of US$ 818.2 Million by 2024, expanding at a CAGR of 21% during 2019-2024.
- Based on the product type, the market has been classified into bulb and tube light, panel light, street light, down light, flood light and others. Currently, LED panel lights dominate the market.
- On the basis of the application, the market has been divided into commercial, residential, institutional, industrial and other applications. Amongst these, the residential sector accounts for the majority of the total market share.
- The market has been bifurcated on the basis of the installation type which includes new and retrofit installation. At present, retrofit installation exhibits a clear dominance in the market.
- The competitive landscape of the market has been analyzed along with the detailed profiles of major players operating in the industry.
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